Carlsberg A/S — M&A Activity 2008

Oct 23, 2008

PANY ANNOUNCEMENT 34/2008 COM

23 OCTOBER 2008 PAGE 1 OF 1

Carlsberg's sale of its 95.6% stake in Türk Tuborg completed

g Bira ve Malt Sanayi A.S. ("Türk On 23 July 2008 Carlsberg announced it had sold its 95.6 stake in Türk Tubor Tuborg") to CBC Group. The transfer of shares to the buyer has now been completed.

Adjusted for net interest bearing debt The parties have agreed an Enterprise Value of USD 80 m for the company. and working capital taken over by CBC Group, Carlsberg receives net proceeds of USD 44.5 m.

e approximately y expected primarily due to movements in working capital and profit and loss up to Closing of the deal and special items in Türk Tuborg in September. The financial loss on sale, recognised as special items in the income statement, is expected to b DKK 230m. The financial loss is higher than previousl

through a partnership between Tuborg and Yasar Holding. Production started in 1969 with the first locally produced Tuborg brand. Carlsberg took over the majority shareholding of Türk rg in 2001. Türk Tuborg is number two in the Turkish market. Türk Tuborg was established in 1967 Tubo

e deal betwe CBC Group ill, on license basis, continue the production s. As part of th en Carlsberg and Türk Tuborg w of Carlsberg and a number of Tuborg brand

Contacts:

Investor Relations: Mikael Bo Larsen +4 Media Relations:

Jens Peter Skaarup +45 3327 1417

5 3327 1223

Carlsberg Group is one of the leading brewery groups in the world, with a large portfolio of beer and soft drinks brands. Its flagship brand – Carlsberg – is one of the fastest-growing and best-known beer brands in the world. More than 40,000 people work for Carlsberg Group, and its products are sold in more than 150 markets. In 2007 Carlsberg Group sold more than 115 million hectolitres of beer, which is about 95 million bottles of beer a day. Find out more at www.carlsberggroup.com.